Nasdaq's Uptrend: Earnings On Tap
Faraday Research | Apr 08, 2019 01:57PM ET
US stock markets stumbled out of the gate to start this week’s trade after a lack of progress on the US-China trade negotiation front this weekend and fresh concerns around Boeing's (NYSE:BA) prospects.
Among the major US indices, the tech-heavy NASDAQ Composite is performing best. The index remains solidly in the middle of its rising channel, within about 2.5% of last year’s record high near 8135. Despite a staggering 27% rally off the Christmas Even low, the RSI indicator remains in a bullish configuration and is oscillating in and out of bullish overbought reading.
Source: TradingView, FOREX.com
Beyond traditional macroeconomic data and ongoing US-China trade headlines, fundamental traders will soon turn their attention toward Q1 earnings reports later this month. All the FAAMG stocks (Facebook(NASDAQ:FB), Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT) and Google (NASDAQ:GOOG)) report in the final week of April, and the performance of those megacap technology names may determine whether the Nasdaq’s long-term uptrend is extended with another break to new all-time highs.
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